Burkina Faso customs bond now payable in Ghana
Over the recent years, Ghana has been facing a lot of diversion of goods initially declared as goods in transit to Burkina Faso which resulted in great tax revenue losses for the Ghanaian government. Therefore, on the 3rd of July 2018, a Memorandum of Understanding (MoU) was signed by the Ghana SIC (State Insurance Company) and the Burkina Faso Chamber of Commerce in the objective of implementing the Single Transit Guarantee Scheme. With the introduction of this Scheme in 2019, all goods in transit to Burkina Faso will be covered by a single bond from the port to the final destination (Source: https://shippers.org.gh/index.php/sic-signsmou-burkina-faso-chamber-commerce/)
Consequently, as of January 1st, 2019, the customs bond for the Ghana-Burkina Faso corridor of 0.5% of the CIF value applicable to all goods in transit will be collected in Ghana. (This bond rate can be broken down into two bonds : (1) the Ghana SIC bond of 0.25% and (2) the Burkina Faso Chamber of Commerce bond of 0.25% which was initially paid at the Ghana/Burkina Faso borders.)
For further information, please don’t hesitate to contact us directly.